METLEN Energy & Metals has completed the sale of a significant portion of its Chilean renewable energy portfolio to GAC RS Chile II SpA, a subsidiary of Glenfarne Group, LLC, for a total consideration of USD 865 million. The transaction, which reached financial closing on December 23, 2025, involved four operational solar projects with 588MW capacity and co-located Battery Energy Storage Systems (BESS) with 1,610 MWh capacity.

Transaction Details and Asset Portfolio

The disposed assets consist of four solar projects with operational capacity of 588MW, each supported by constructed co-located Battery Energy Storage Systems with a total capacity of 1,610 MWh. The transaction agreement was initially signed in April 2025 and has now been completed upon fulfillment of certain conditions.

The final consideration of USD 865 million reflects what METLEN describes as value-creation opportunities emerging in the Chilean market, along with the company's integral role in operating projects in the growing hybrid solar-and-battery-storage asset class.

Strategic Asset Rotation Program

This Chilean portfolio disposal forms part of METLEN's global Asset Rotation Plan, demonstrating what the company characterizes as solid execution capabilities. Chairman Evangelos Mytilineos stated that co-located Solar and BESS projects will pave the way forward in the company's Global Asset Rotation Plan.

He noted that with new projects being developed on a hybrid basis and through the hybridization of existing solar projects, METLEN's Energy Transition Platform is uniquely positioned to capture this emerging and growing opportunity.

Nikos Papapetrou, Chief Executive Director Renewables & Energy Transition Platform, emphasized the transaction's significance in showcasing METLEN's strong execution capabilities in the LATAM region. He highlighted the company's unique ability to offer an integrated value proposition to the investor community under its Asset Rotation Plan.

Papapetrou noted that, with Chile a frontrunner for long-duration BESS, METLEN is leveraging its knowledge across development, design, engineering, and construction to create long-term value in the rapidly changing global renewable energy landscape.

Partnership with Glenfarne

METLEN describes Glenfarne as a long-standing trusted partner, with this transaction representing the culmination of a growth journey that the company aspires to expand into further areas of activity where they share common interests. Glenfarne Chief Executive Officer and Founder Brendan Duval commented on the acquisition, stating that it increases the technology diversity of Glenfarne's infrastructure by adding battery capacity and increasing geographic and revenue diversification.

Duval praised METLEN as a terrific partner throughout the transaction, noting their common focus on energy security and sustainability creates opportunities for future cooperation in Glenfarne's businesses across the Americas.

Financial Impact and Balance Sheet Strengthening

The completion supports deleveraging and further enhances METLEN's financial strength as of the end of 2025, with a payment in excess of USD 800 million. METLEN states that this outcome highlights the consistent execution of its Asset Rotation Plan, enabling value crystallization and deployment of capital in high-growth opportunities across the company's business segments.

The transaction completion strengthens METLEN's balance sheet, with the company reporting that it increases total liquidity and significantly strengthens it in light of ongoing industrial and energy investments and potential M&A transactions. METLEN characterizes this as demonstrating robust and proven capabilities in executing its asset rotation program.

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